| Schedule of Segment Reporting Information, by Segment |
The following table sets forth the operating financial results of the Company’s singular operating segment that are regularly reviewed by the Company’s CODM for the three months ended March 31, 2025 and 2024:
|
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|
|
|
|
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|
|
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|
Three Months Ended March 31, |
| (in thousands) |
2025 |
|
2024 |
| Services revenue |
$ |
55,431 |
|
|
$ |
59,640 |
|
| Products revenue |
16,711 |
|
|
16,335 |
|
| Total revenue |
$ |
72,142
|
|
|
$ |
75,975
|
|
| Less: expenses |
|
|
|
| Cost of revenue, Services, excluding depreciation and amortization |
$ |
23,326 |
|
|
$ |
23,946 |
|
| Cost of revenue, Products, excluding depreciation and amortization |
9,696 |
|
|
10,267 |
|
| Salaries and benefits |
18,502 |
|
|
24,590 |
|
|
|
|
|
| Depreciation and amortization |
13,911 |
|
|
13,606 |
|
| Interest expense |
12,977 |
|
|
12,940 |
|
| Professional services |
2,689 |
|
|
2,602 |
|
| Channel partner commissions |
2,042 |
|
|
967 |
|
| License, memberships and subscriptions |
1,961 |
|
|
2,055 |
|
| Facilities and office |
1,845 |
|
|
2,365 |
|
| Income tax expense (benefit) |
1,109 |
|
|
(420) |
|
| Network services |
1,072 |
|
|
398 |
|
| Travel and entertainment |
576 |
|
|
636 |
|
| Other |
276 |
|
|
392 |
|
| Bad debt |
237 |
|
|
163 |
|
| Marketing, advertising and promotions |
146 |
|
|
332 |
|
| Sales and use taxes |
115 |
|
|
— |
|
| Interest income |
(144) |
|
|
(300) |
|
| Foreign exchange |
(1,482) |
|
|
1,344 |
|
| Change in fair value of warrant liabilities to affiliates |
(1,804) |
|
|
(2,321) |
|
| Segment net loss |
$ |
(14,908) |
|
|
$ |
(17,587) |
|
|
|
|
|
| Reconciliation of profit or loss: |
|
|
|
| Adjustments and reconciling items |
— |
|
|
— |
|
| Consolidated net loss |
$ |
(14,908) |
|
|
$ |
(17,587) |
|
|